Chart of the day: DAX

Blake Morrow Forex Analytix

The DAX is nearing the big breakdown point which also coincides with the 61.8% Fibonacci retracement level of the 2022 highs to lows. Also, there were many spike lows in the "resistance zone" as well, from lows in mid 2021 through early 2022 before the breakdown. And the downtrend line also coincides with the 14820 level too, so if the market reaches for it, this could setup a a good risk/reward for shorts.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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